Thursday, April 2, 2020

Top 5 Tips to Carry Out a Safe Investment in Miami

The city of Miami has changed immensely in the past twenty years or so. Rather than being the predilect spot for the veterans and the retired, it has become one of the most glamorous and praised cities in the world. Nowadays, Miami is synonymous with urban architecture, design, and above all, culture. The city of sun has welcomed millions of immigrants, from Cubans, to Brazilians, Colombians, Venezuelans, Jamaicans, etc., who are part of the reasons why this city is so varied in tastes and colors*. Currently, the Miami International Airport (MIA) has direct connections to some of the largest destinations in the world, throughout the European and even the African continent.


All of this has turned Miami into one of the top investment opportunities, so whether you are an individual looking to protect your assets or a businessman who wants to take advantage of the many options this city has to offer, the reality is that the best time to invest is now. That’s why we have compiled a series of tips for you to start a successful journey in the real estate business in Miami.


1. Set your goals

This is the first step towards every successful investment, so ask yourself: what do I want to do? Is it buying a property for rent? Or fixing a property to increase its selling price? Is it investing in new constructions? It might even be owning a vacation home that can also be used for rent during the regular seasons, for example. There are plenty of options in this field, so in order to know how to proceed, you must know what you want to achieve.


2. Design a short-, mid- and long-term plan

Once you’ve set your goals, it’s time to start materializing them. As any investor, you must plan your moves, and this is highly intertwined with the previous tip. What is your projection one year from now? And five, ten years from now? Is it producing an extra income? Or recovering the total amount of your investment? This part will help you outline the route to achieve your goals.


3. Research

Nothing entails more confidence than a good research. Take the economical and geographic elements into consideration. The management figures (meaning your investment capital, state taxes, fees, etc.) and the operational system of the transactions will help you spot the options that are more profitable, also considering that Florida is one of the states in the U.S where rents are more common than home purchases. As for the locations, Miami is pretty versatile, and depending on your plan, some locations will be more suitable than others. For example, Coral Gables and Coconut Grove might be perfect for a large family; for newlyweds, Brickell and Downtown are the best options; while locations like Wynwood or the Miami Design District might be the dream choice for young entrepreneurs or artists.  It will all depend on your vision.



4. Build a contact network

Getting to know your local bank, or even the people that live in the neighborhood you’re interested in goes a long way. Establishing connections (and having a good credit score, by the way) will build trust for future loans if you come across a good deal. Moreover, asking for the opinion of locals will provide a unique insight into the market.


5. Contact professionals

Going through all the process on your own might seem overwhelming, so having professionals to help you offers nice reassurance. Certainly, you’ll need real estate lawyers, brokers, agents, with not only expertise in the field but with your best interest in mind, and here at Miami Riches that’s exactly what we’re aiming for. So, if you’re ready to embark on this journey, we’re more than prepared to be there with you.


Diving into the real estate world is simpler than it looks; just follow these few tips and, with our help, your way into Miami’s investment business is secured.




*According to the American Immigration Council, one in five Florida residents is an immigrant.


Copyright 2012 Miami Riches. All rights reserved. 1800 SW 1st Avenue. Suite 504. Miami, FL. 33129. Tel (305) 600-3198. Fax (786) 533-3921.